Esprit, a popular fashion brand listed in Hong Kong, has made a comeback in the city by opening a flagship store in Causeway Bay. This comes after the brand’s departure from its headquarters in 2020.
Since November 1, Esprit’s new flagship store has been in operation at Fashion Walk in Causeway Bay. Covering 4400 square feet over two floors, the store signifies a new dawn for the brand. As it re-establishes its presence in Hong Kong, Esprit is focusing on bringing back its classic styles to its loyal customer base.
The store’s opening has been enabled by WIP International, led by Esprit HK CEO Herbert Chan Wai-ming. WIP International has secured exclusive rights for the brand’s operations in the region. Chan has outlined a five-year plan to regain the brand’s momentum.
As the brand re-enters the somewhat sluggish retail scene in Hong Kong, Chan is driven by his goal to “create miracles for Hong Kong.”
Esprit, which was founded by Susie and Doug Tompkins in 1968, got listed on the Hong Kong Stock Exchange in 1993. The brand then experienced rapid expansion into over 40 countries. However, sales began to drop sharply and underwent massive restructuring. This, coupled with the Covid-19 crisis, led to the closure of its retail stores across Asian markets.
The listed Esprit is now solely a brand owner, licensing its name to third parties. It has moved away from its initial business model, which included significant capital expenditures associated with sourcing, distribution, and retail operations.
Chan’s current strategy involves “rebuilding Esprit as a Hong Kong brand” by bringing the brand’s own heritage back to the city streets. In addition, he has ambitions for a global relaunch, potentially in Taiwan, Japan, South Korea, and Mainland China. However, he is committed to taking this expansion slowly, prioritizing success in the home market first.
The new flagship store also serves as the platform to introduce Esprit’s revamped collection. With an array of new fabrics and designs, 70 percent of the items have been personally designed by Chan. This revamp has resulted in a 30 percent price increase on some products.
In his bid to reposition the brand, Chan has been willing to try new strategies that Esprit has not experimented with before.
After closing its store five years ago, Esprit made a preliminary return to Causeway Bay in 2022 with a three-story pop-up store, marking the initial stage of its revival.
What is Esprit’s new strategy for its return to Hong Kong?
Esprit aims to rebuild itself as a Hong Kong brand by reintroducing its classic styles and revamping its collection with new fabrics and designs.
Who is leading the revival of Esprit in Hong Kong?
Herbert Chan Wai-ming, Esprit HK’s CEO, is leading the brand’s revival in Hong Kong.
What are the future expansion plans of Esprit?
Esprit’s CEO has plans for a global relaunch, potentially in Taiwan, Japan, South Korea, and Mainland China, prioritizing success in the home market first.
